The Los Angeles County Center for Financial Empowerment, part of the Department of Consumer and Business Affairs, is proud to celebrate Los Angeles Saves Week from February 21 to February 25, 2022.
Why should you save money? Life brings surprises like accidents, emergencies, and unexpected expenses. Three months’ worth of savings can save you from missing a bill payment, having to borrowing money, or having to put it an expense on a credit card.
You also want to save for opportunities! Opportunities such as going to college, buying a car, celebrating a milestone or going on a vacation.
There is no better day than today to start saving! Here’s how:
- Track your expenses. When you know where every dollar goes, you can find areas to save.
- Make a budget. If you plan your spending, you won’t divert to unnecessary wants.
- If you are receiving a tax refund this tax season, consider putting some or all away into a savings account. A tax refund is a great way to start saving. And don’t forget to claim all of your qualifying refundable tax credits.
- Set a savings goal but make sure it’s S.M.A.R.T.
SPECIFIC – Smart goals are specific enough to suggest action.
MEASURABLE – You need to know when you achieved your goal or how close you are.
ATTAINABLE – The steps toward reaching your goal need to be reasonable and possible.
RELEVANT – The goal needs to make sense. You don’t want to work toward a goal that doesn’t fit your need.
TIME-RELATED – Set a target date.
This will ensure your goal is doable. Whether it be a short-term goal or a long-term one. You set your goal!
Get more savings tips at the LA Saves website.
Join us in taking the L.A. Saves Pledge to start saving money and getting financially empowered.
